November 24, 2010

Google Woos Mirimax For YouTube Offerings

In a bid to attract more advertising and turn profits with YouTube, online search giant Google has been gradually adding professional content to the video hosting site it purchased four years ago for more than 1.5 billion dollars.

Google is now pursuing its biggest deal yet for YouTube, reports the New York Post. It is securing the digital rights to Miramax's archives, which includes popular movies such as "Kill Bill" and "Pulp Fiction."

The Post said Google is in talks with the soon-to-be owner of Miramax, Filmyard Holdings. Walt Disney Co. announced in July it was selling the film company for 660 million dollars to Filmyard Holdings. The deal is expected to close by December 10, according to the Post.

The Post said Google may have to do battle with video rental mammoth Netflix for the Miramax library.

"we're always talking to the studios about different things and Disney remains a valuable YouTube partner. Outside of that, we don't comment on rumor or speculation," a Google spokesman told the New York Post.

Google does not release revenue figures for YouTube, but executives with the online search and advertising company have suggested that it is near profitability.

The New York Times reported back in September that YouTube is expected to turn a profit this year with 450 million dollars in revenue.


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